Private equity firm Apollo Global Management and Blackstone Group’s credit arm are considering divesting Canada-based Ridgeback Resources, reported Reuters.
A potential sale of the Canadian oil and gas producer could be valued at more than C$1bn ($765.58m).
The move comes amid surging global oil price, which reached multi-year highs in recent months because of increased demand and Russia’s invasion of Ukraine. To capitalise on the surging prices, energy firms have been considering asset sales.
In 2016, Apollo and Blackstone formed Ridgeback to acquire bankrupt Canada-based oil firm Lightstream Resources for C$1.35bn.
